Incident: On November 26, the League issued an announcement that Window of Sports purchased 28.77% of the company's shares for HK$1.38 billion (23.78% of the shares were transferred by the former majority shareholder and 4.99% by Airnet). A total of 226 million shares were acquired at a purchase price of HK$6.12 per share. Comment The purchased shares are transferred by the original shareholders; no new shares will be issued. The company's management and operations will remain unchanged. The corresponding acquisition cost is approximately HK$6.1 per share. LianZhong's latest closing price was HK$5.47, corresponding to a 12% premium. This acquisition shows Window Sports's confidence in the company's future development. A synergy of sports-related services; expected to be a win-win deal for both parties. Lianzhong is transforming into an international sports company, and has already deployed O2O to host various offline games (such as the Sanya poker game tournament). At the same time, Window of the World has strong professional capabilities in promoting offline sporting events and operating stadiums. The acquisition will accelerate LianZhong's O2O strategy. For example, the company hosted the first Wan Yu e-sports tournament at the Beijing Workers' Stadium, and Window of the World is responsible for the operation of this venue. We anticipate that Lianzhong and Window of the World will cooperate more in the future to enhance competitive advantages: 1) improve the utilization rate of sports grounds; 2) improve the monetization efficiency of online traffic in offline scenes. We expect more domestic companies to invest in H-share sports companies, just as Window of the World takes a stake in Lianzhou. We recommend investors to pay attention to investment opportunities in sports-related companies: Wisdom Sports (1661.HK), Lianzhong (6899.HK), and Century Ruike (1450.HK).